Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,595/mo
Lowest payment- Down payment
- $87,400
- Funds due
- $97,215
- Interest + MI left
- $125,827
- First ends
- Jan 2051
Assumption
Assumption + second
$2,029/mo
+$434/mo- Down payment
- $33,400
- Funds due
- $44,478
- Interest + MI left
- $228,246
- First ends
- Jan 2051
New loan
New conventional
$2,353/mo
+$758/mo- Down payment
- $33,400
- Funds due
- $41,122
- Interest + MI left
- $449,755
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $242,600 | $242,600 | $296,600 |
| Second mortgage | — | $54,000 | — |
| First P&I | $1,155.92 | $1,155.92 | $2,053.60 |
| Second P&I | — | $434.50 | — |
| Mortgage insurance | $198.50 | $198.50 | $59.32 |
| Taxes, insurance & HOA | $240.33 | $240.33 | $240.33 |
| Total housing payment | $1,594.75 | $2,029.25 | $2,353.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,400
Closing costs & prepaids$11,078
Usable credit−$0
Total buyer cash needed$44,478
Earnest money paid−$0
Remaining funds due$44,478
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,300.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$271.00
Prepaid interest, first (1 days)$18.81
Prepaid interest, second (1 days)$13.32
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing24 yr 2 moOf the original 30-year loan at 2.830%
Interest already paid$43,285Through Nov 2026
Assumption only · ends Jan 2051$125,827
Assumption + second · ends Jan 2051, second Dec 2056$228,246
New conventional · ends Dec 2056$449,755